Google Trends Show Waning Interest in Crypto Across The Board

Online enthusiasm for cryptocurrencies has recently experienced a significant decline, with the interest scale dipping to a low of 17 out of 100 from its zenith in May 2021.

The Lull in Crypto Optimism: A Downward Spiral?

Over the past two months, an evident stagnation in cryptocurrency optimism has been observed. Online searches for “crypto” and other prevalent cryptocurrency-related keywords have plummeted, hitting a low not seen since the latter part of 2020.

Current data from Google Trends demonstrates that “crypto” is substantially lagging, registering a mere score of 17 against its former pinnacle of 100 in May 2021. Accompanying this fall, Bitcoin and Ethereum have also traced a parallel declining path.

Cryptocurrency Trends: A Year in Review

Despite this, the dwindling interest in these terms has been more or less steady since May 2022, approximately a month following the notable collapse of a significant portion of the Terra Luna ecosystem. This downward trend was briefly interrupted by a minor resurgence of interest in early November following the shocking collapse of the prominent cryptocurrency exchange, FTX.

This downturn in interest transpires alongside Bitcoin’s stagnation of around $28,000 for the past ten weeks. The uninspiring price movement was recently referred to as “lackadaisical” by Galaxy Digital CEO Mike Novogratz, attributing it to a current shortfall of “institutional excitement.”

In a recent tweet on June 4, Guy Turner insinuated that the declining interest could be correlated to reduced trading volumes on exchanges. He alleges those metrics hit a 32-month low in the previous month.

The Crypto Fear & Greed Index mirrors the narrative, with market sentiment floating around its present score of 53 – categorized as the “Neutral” zone – for almost a month. 

Bucking the Trend: Defi and Meme Coins

Search volumes for “decentralized finance” and “defi” have registered a surge in 2023, while searches for “memecoin” hit a peak in early May.

Nigeria currently claims the highest score for most crypto-related searches, with several of the lowest scores predominantly coming from South American countries.

Contrasting with the lull in cryptocurrency, search interest for artificial intelligence continues to ascend steadily. As a result, many observers believe that artificial intelligence is the latest “tech fad” capturing the online community’s attention.

None of the information on this website is investment or financial advice. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website.

JP Buntinx

JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

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JP Buntinx

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